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  WHUT    Newsline    News/Business. World events, business news and  
   weather forecasts; broadcast in English. (CC) (Stereo)  

    October 10, 2012
    7:30 - 8:00am EDT  

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welcome back to "newsline." i'm yuko aotani in tokyo. people who work in finance look around and see a lot of risks. they work in a complex system one that seems fragile. economists at the international monetary fund and world bank are looking at the system as part of their annual meetings in tokyo. and ron madison is covering the meeting for us. ron, what its the view like today? >> yuko, you might see behind me, the view is quieter. many are in sendi attending
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meetings. business as usual. economists trying to push the leaders of developed economies down a prudent path. weighed some of the risks and say confidence pretty much everywhere is still pretty fragile. economists release global financial stability report, checkup of the financial system. >> the choice today is between making the necessary but tough policy and political decisions or delaying them once more in the false hope that time is on our side. it is not. >> the man there says it is time for governments off to act. he said the biggest risk is the euro zone. private sector money pulled out from peripheral economies in the region back into the core ones. that is pushing up borrowing costs for government, banks, countries, italy and spain. this he is says feeding a
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further downturn to. reap ver to reverse the situation is well timed fiscal consolidation and they need to do this reducing excessive debts. economists fame size steps need to be take in to boost foundations beneath banks they hope the european stability and bond buying program will help rebuild investor confidence. they suggest a unified system to supervise banks must be m playment pla -- implemented. economists point to japan as a risk. they project bank holdings of government bonds could increase to a third of total assets in five years. institutions could suffer heavy losses if interest rates rise. now the imf report suggests banks need a further boost to their balance sheets. and it said the japanese government should take tougher measures to deal with its budget problems. >> i did have a chance to speak with economists who wrote much
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of the report. we saw one man, and spoke abut threats to stability. he offered up solutions. >> okay, you spoke this morning about -- japan remaining a concern you. are saying, the sovereign debt could become fully a third of bank assets in five years. holding that many assets obviously puts the banks at risk, if bond prices plummet. how would you say is the best way out of this, the least disruptive to the economy? >> i think the best way when you have banks with a significant portion of government bonds is to keep the government bonds safe. that is something you do through medium term, fiscal consolidation. the most priority. >> okay. you are warning that while we are seeing gains from, assets like u.s. and japanese government bond, we shouldn't be lulled into a false sense of security. what do you see as the biggest danger looming from this? >> i think the biggest danger is
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that the governments, political actors, decide to delay decisions. and -- think that confidence is -- is on firm ground when it is not. for example in the united states, the message is -- be careful not to go over the fiscal cliff, or to hit the debt ceiling. because that would be detrimental to economy and confidence. >> we are seeing relatively strong growth in emerging markets. how susceptible would you say are they to the global downturn? >> well they are. if something were to happen in the united states or a fair escalation of the crisis in the area no one is immune. this is why a key policy message from our report is that -- this country's, must keep their guard up. and then, preserve -- the -- policies, that they have in case they have to use the it later on. >> okay. heard from imf chief this week. she says more needs to be done with regards to greece. how much progress has been made
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in terms of them implementing reforms. can they implement need read forms before october 1th leaders' summit as some are demanding. >> i don't think there is a fixed deadline. our people are in athens. discussing with the greek authorities. we are making progress. on the different, use. we are diskucussdiscussing. fiscal policy. structural reforms. on financing. on the issues. but more need to be done. and -- we are trying to work together with -- with european partners in greece. we can help the country and the people go to a better life. you know, as soon as possible. >> okay. you have actually said that -- the -- the european stability mechanism may harold the start of a full banking union. do you see that as the next step. when might we see it become a reality. >> i think there is an agreement at the political level. to have a banking union in
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place. the first step toward that is the creation of-duf -- of a sin mechanism for area banks. something which should happen without delay. and envisioned in early 2013. then it would have to be effectively running later on. important thing this happens without delay. and a clear -- road map is laid out. so components of the banking union like single resolution, single deposit insurance are envisaged. with clear time lines. because these important, to guide market expectations. >> all right. sir, thank you so much for your time. good to talk with you. >> you are welcome. >> the german prichl mchancello herself as a lone voice. she as argued for years for discipline and tax on financial transactions 1. 1 euro zone countries will go ahead with the tax.
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and they twawant to curb speculative trading and raise revenues for crises that might pop up. finance ministers from spain, italy, slovakia and estonia all threw their weight behind the plan. that brought the number of supporting countries to 11. but european union representatives from britain and netherland are opposed. and won't be implementing the tax. european commission officials say they will propose common rules on the tax when the finance ministers meet again next month. top officials from world of finance, of course, when people at the meetings look around. they might notice some of the colleagues are absent. the finance min steshgs governme -- minister will not attend, many believe the chinese are protesting. conference officials say finance
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minister, xuchlt ren and governor of the bank of china, xiaochuan will skip the event. saying zhou had a scheduling confli conflict. reporting the nation's deputy bank governor and finance minister will lead the delegation. representatives from all of china's major statement backed commercial banks canceled their trips to tokyo as well. japan does control the island, china though claim them as part of their territory. many participants spending the day in sendai, taking part in a conference on reducing the impact of natural di assers ac . hosts wanted to give participants something to remind them of their visit to japan. craftsmen in fukushima have been making these little guys for 400 years. they call these stand up dolls. people in the area think of
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these as a symbol of spirit. that never breaks. you see here every time the doll falls, it rises again. the hosts wanted to say thank you for the support they received, after march 11th. and hope this souvenir might serve as a symbol of recovery for the japanese as well as the global economies. all right, many participants are spending, of course, everyone, spends their days talking about bouncing back from all of that has been happening over the last fewers you. we have spoken with a number of people at international monetary fund. later in the day we'll be getting the view from inside the world bank on some of the challenges for developing countries. we'll have that and lots more coming up at 8:00 japan time. hope you will please stay with us. all right, thank you very much, ron. do come to our website to see all the conversations ron and his team have had at the imf world bank meetings. address is right there on the bottom of your screen --
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we'll have at dress later, maybe. we'll have the address later maybe. the fukushima tragedy forced them to leave japan. many have returned to the places they once called home. nhk world tracks one woman's journey. >> bear, brown bear. off a >> brown bear. >> sally jones is from texas. ♪ one, two, three, four, five, six, seven ♪ >> she is teaching english at elementary and junior high
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schools. >> reporter: she was drawn to japan by natural beauty and culture. last year she was in the teacher's room at her high school when she felt the most intense earthquake she had ever experienced. she left the school and went home. sarah speaks some japanese but couldn't make out the insistent announcement on the tv. she looked up the word, and it meant evacuation. she is close to the fukushima nuclear plant and the residents were ordered to flee. she took shelter at the elementary school, more than 60 kilometers from town. >> i evacuate with people. i was the only foreigner here. and no one spoke english.
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so, it is a little lonely. i think. >> in her notebook, sarah recorded information about the disaster from the news. as well as of the life at the shelter. some of her students, she was surprised by how they behaved. >> the students were watching the little ones or helped the old persons. everyone was having a very rough time themselves. but i was impress that they also cared about the person next to them. >> she moved from shelter to shelter. but a week after the disaster, having no job to go to, she had to return to america. 10 months later, sarah learned that elementary schools were
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hiring teachers. she explains to her family that radiation was not that much of a risk. they let her return. >> fukushima and the people that are here. and very excited. but might get to come. >> the evacuation order is still in force. six months since returning, she delivers food and goods to evacuees. i think as a foreigner, it's a very good chance to show the people here that the world cares about japan. during her time here, she wants to make things a bit easier for those who can't go home. and asked when that would be, and she said she doesn't know.
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military enforces defenses near the border with syria. it sent at least 25 more fighter jets to the area. the build-up of troops and weapons is adding to fears that the conflict in syria could escalate into a regional conflict. turkish forces fired artillery shells into syria for six days in a row, responsibilitying to mortar attacks from the syrian side. cross boreder exchange began when a mortar fired from inside syria and hit a turkish border. the turkish military, deployed, 25 f-16 fighter jets to a base near the border. the military reinforcing troops and moving gun batteries to the area. turkish officials say syria's military and rebel forces are engaged in ape fierce battle near the border. shells landing in turkey may be
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offtarget. turkey could start bombings adpens se against syria. turkey could try to secure a buffer zone inside syria. nato secretary-general says the alliances ready to defend turk year. the remark is seen as a warning to syrian president, bashar al-assad to halt the cross border attacks. >> obviously, turkey has a right to defend herself. we have all necessary plans in place to protect and defend turkey. >> rasmussen said that the best way to stop the conflict. he called on turkey to show restraint. nato views an attack against a member country as attack on the alliance. members can jointly defend the country. nato leaders denied possibility of military interventions in syria. they have said it destabilize the region. israeli prime minister,
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benjamin netanyahu says he will call a general election early next year. vote initially scheduled for late 2013. netanyahu said he was bringing the election forward, because the governing coalition failed to agree on spending cuts for next year's budget. he said the decision is for the ben fete of efit of israel. his likud party has strong public support. the prime minister has no major political rivals. early elections could help netanyahu consolidate power and stance against iran. government may take military acttion against iran because of its nuclear program. in the national energy agency predekicts iraq's ole production will double by 2020 from the current level. the iea made the forecast in the report tuesday.
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iraq signed contracts with international oil companies. making progress in reconstruction since the u.s.-led war. the iea projects by 2035, iraq's daily output will grow to 8.3 million barrels. that means iraq will overtake russia as the world's second largest oil exporter. but the report stresses sufficient oil storage and transportation will be needed. iea says iraq will achieve economic growth if it manages its oil devil of telopment and revenues. researchers of world health organization say more than 350 million people suffer from depression. the figure is 5% of the global population. the who released estimate ahead of world mental health day wednesday. the organization says more than half of depression sufferers are not receiving treatment because many fail to acknowledge their illness. the researchers say women appear
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to be more susceptible to depression than men. they say 1 million people commit suicide each year. a large proportion of them had experienced depression. the researchers warned that the economic crisis could increase risk of depression and suicide. a proper understanding of depression is critical and recommend that sufferers should have access to efficient treatment. a japanese cabinet member and cambodia's prime minister met to discuss the senkaku islands. cambodia will host the meeting next month. >> the island are inherent japanese territory. international law and history confirmed this. japan controls the islands, while china and taiwan claim them. saito hopes japan can solve the dispute in a rational and peaceful way.
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he said it helped him to understand the historical context. he said he supports a peaceful settlement of the issue. saito told reporters japan has no plan to raise the issue at meetings. japan and china are also expected to take part in the summit and cambodia. japan and taiwan are discussion whether or not to resume talks about fishing rights around the islands. japanese officials say they will kid china's views before returning to the negotiating table. the talks have been stalled more than three years. senior officials last month discussed the timing for reopening the talks. taiwan's leaders want to start as soon as possible the they want access to the areas, tuna fishing groun ining ground. they think the discussions will improve ties and keep china in check. relations between china and taiwan have deteriorated since
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they nationalized the island last month. >> i believe that the issue of the island should not harm the friendly relationship between japan and taiwan. >> he hopes they have can have a constructive exchange of opinions. >> sri lanka shines for global production of precious stones and produces several dozen types of gemstones. gems are also valuable component of the nation's exports. japan, once sri lanka's largest partner in trade. the industry has seen big changes and a new customer is number one. nhk world reports. >> reporter: gemstones fetch prices on the world market.
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this 80 carat safe fire has a price tag of $1.3 million. it was one of many gems on display last month in colombo, at annual precious stone trade fair. the 100 sri lanka gem finders have noticed a demand flourishing in recent years. the venue is teeming with buyers from china. >> translator: the color is very beautiful. >> translator: more and more will be exported to china. i think in the next, maybe, three, five years, it will continue. >> until the mid 1990s. more than 60% of sri lanka's gems were sent to japan.
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japanese demand plummeted while chinese shipments surged. today, sales have slumped 80% from the boom years. expanding business in china instead. he has four shops in beijing, and plans more in shanghai. this is -- now the chinese people -- also following the japanese. >> china eaese customers purcha jewelry as an investment. they don't think twice about spending hundreds of thousands of dollars. and they almost always pay with cash. in the next, three to five years.
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>> the income levels are also great. china has eclipsed japan making the major destination for precious stones. no matter the destination for sri lanka's gem traders, business continues to sparkle. it is sunny, buty in tokyo. sayaka mori? >> showers are possible late tonight. more heavy rain will be coming down in the northern half of the country as a new system is approaching. right now the system is producing some light snow showers, in northeastern china, and thundershowers in the korean peninsula. again the system will head towards the east.
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well, out west. a victim of high pressure staying in place. bringing dry conditions across the east and china. and light showers will linger in the southwestern corner of the country through out the day. down toward the south, remnants of tropical storm, is keeping up towards the north over the sea, producing ongoing heavy rain to. day the heaviest rain is going to be found across the northern half of myanmar. well out toward the east, monitoring the typhoon prapiroon, it will become a strong typhoon in the next 24 hours. conditions starting to affect the coast of northern luzon, and taiwan, and okinawa islands. waves could reach 4 meters. not sure where the system is going. there is a possibility it could move through the okinawa islands next week. keep you posted on the storm 's
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progress. heading towards the americas, series of low-pressure systems moving through canada, producing snow showers. the low is producing early season snowen ein ontario. cold across the great lakes. that will move across the east, new england, eastern end of canada will be affected by the storm wednesday. back behind it, the system, the system is producing -- snow showers in alberta. that is going to head towards the east. as the it does, southern matitoba will see the heaviest snow wednesday the we anticipating as much as 15 centimeters of snow to fall across these region. even northern parts of north dakota and minnesota may be waking up to snow on your wednesday. temperatures are looking quite chilly in winnipeg. 6 degrees expected. 4 degrees in calgary. meanwhile, 12 in toronto. cooling down into the upper, into 90 degrees thursday. down towards the south. looking nice and comfortable in
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los angeles. 21. you may see some showers, from tuesday night into your wednesday night. finally, let's go over to -- lots of things going on. moderate to heavy rain. strong wind, over, southern finland and baltimorec states. toward russia. the northcoast of poland. back behind it, a large, low-pressure system is approaching from the atlantic it is going to produce stormy weather, the northern half of the iberian peninsula by wednesday night. temperatures are looking quite mild, despite the rain in lisbon, 27 degrees. meanwhile, looking comfortable. 15 in london. 27 in paris. toward the east. dropping into single digitsen moscow as well as stockholm. that's it for me now. here is your extended forecast. ♪ ♪ ♪ ♪
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that's all for now on this edition of "newsline." i am yuko aotani in tokyo.
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we'll be back at the top of the hour, so do join us then. tha thank you very much for watching.
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